COVALENT PARTNERS LLC

Filed: 11/14/2023ACC: 0001531611-23-000004

📋 What this filing means

COVALENT PARTNERS LLC filed this quarterly 13F‑HR report disclosing 25 equity positions with a total reported market value of $31.25M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$31.25M

Total AUM (reported)

7.33M

Total Shares

Allocation by class

UNIT$16.34M52.3%

NOTE 5.375% 8/0$4.65M14.9%

COM$2.33M7.5%

COM NEW$1.87M6.0%

DEBT 13.000%10/2 ADDED$1.85M5.9%

CLASS A COM$1.40M4.5%

COM STOCK$1.06M3.4%

Portfolio Concentration

Top 3$20.99M67.1%

4–10$8.56M27.4%

11–25$1.70M5.5%

Top 3 weight

67.1%

Top 10 weight

94.5%

Voting Authority Distribution

Total shares with voting rights: 7.33M

Sole

Full voting authority

7.26M

% of voting shares99.1%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

68.50K

% of voting shares0.9%

Investment Discretion (by position count)

Sole25

Shared0

Other0

Dominant voting typeSole · 99.1% of voting shares

Institutional Holdings25

Rows:

ISHARES TR RUSSELL 2000 ETF

SOLE

UNIT

Shares68.50K

TypeSH

Market value$12.11M

38.74%

Sole

0.00

Shared

0.00

None

68.50K

NCL CORP LTD

SOLE

NOTE 5.375% 8/0

Shares4M

TypePRN

Market value$4.65M

14.88%

Sole

Shared

0.00

None

0.00

ISHARES TR 7-10 YR TRSY BD

SOLE

UNIT

Shares46.17K

TypeSH

Market value$4.23M

13.53%

Sole

46.17K

Shared

0.00

None

0.00

NINE ENERGY SERVICE INC

SOLE

DEBT 13.000%10/2 ADDED

Shares2M

TypePRN

Market value$1.85M

5.93%

Sole

Shared

0.00

None

0.00

CINEMARK HLDGS INC

SOLE

COM

Shares100K

TypeSH

Market value$1.83M

5.87%

Sole

100K

Shared

0.00

None

0.00

PERMIAN RESOURCES CORP

SOLE

CLASS A COM

Shares100K

TypeSH

Market value$1.40M

4.47%

Sole

100K

Shared

0.00

None

0.00

DELTA AIR LINES INC DEL

SOLE

COM NEW

Shares30K

TypeSH

Market value$1.11M

3.55%

Sole

30K

Shared

0.00

None

0.00

CALIFORNIA RES CORP

SOLE

COM STOCK

Shares18.97K

TypeSH

Market value$1.06M

3.40%

Sole

18.97K

Shared

0.00

None

0.00

NOBLE CORP PLC

SOLE

ORD SHS A

Shares16K

TypeSH

Market value$810.4K

2.59%

Sole

16K

Shared

0.00

None

0.00

CARROLS RESTAURANT GROUP INC

SOLE

COM

Shares75K

TypeSH

Market value$494.3K

1.58%

Sole

75K

Shared

0.00

None

0.00

GOOD TIMES RESTAURANTS INC

SOLE

COM NEW

Shares146.92K

TypeSH

Market value$437.8K

1.40%

Sole

146.92K

Shared

0.00

None

0.00

PRO-DEX INC COLO

SOLE

COM NEW

Shares20.42K

TypeSH

Market value$320.6K

1.03%

Sole

20.42K

Shared

0.00

None

0.00

SURF AIR MOBILITY INC

SOLE

COM ADDED

Shares150K

TypeSH

Market value$244.5K

0.78%

Sole

150K

Shared

0.00

None

0.00

BAUSCH PLUS LOMB CORP

SOLE

COMMON SHARES

Shares12.20K

TypeSH

Market value$206.8K

0.66%

Sole

12.20K

Shared

0.00

None

0.00

NOBLE CORP PLC

SOLE

*W EXP 02/04/202

Shares6.23K

TypeSH

Market value$200.8K

0.64%

Sole

6.23K

Shared

0.00

None

0.00

NOBLE CORP PLC

SOLE

*W EXP 02/04/202

Shares6.23K

TypeSH

Market value$174.4K

0.56%

Sole

6.23K

Shared

0.00

None

0.00

TH INTERNATIONAL LIMITED

SOLE

ORDINARY SHARES

Shares26.21K

TypeSH

Market value$47.4K

0.15%

Sole

26.21K

Shared

0.00

None

0.00

CIPHER MINING INC

SOLE

*W EXP 10/22/202

Shares100K

TypeSH

Market value$42.8K

0.14%

Sole

100K

Shared

0.00

None

0.00

VERTICAL AEROSPACE LTD

SOLE

*W EXP 09/15/202

Shares164.10K

TypeSH

Market value$15.9K

0.05%

Sole

164.10K

Shared

0.00

None

0.00

CHURCHILL CAPITAL CORP VI

SOLE

*W EXP 02/17/202

Shares40K

TypeSH

Market value$6.4K

0.02%

Sole

40K

Shared

0.00

None

0.00

ECARX HOLDINGS INC

SOLE

*W EXP 12/20/202

Shares75K

TypeSH

Market value$3.0K

<0.01%

Sole

75K

Shared

0.00

None

0.00

ALTENERGY ACQUISITION CORP

SOLE

*W EXP 10/29/202

Shares22.50K

TypeSH

Market value$1.7K

<0.01%

Sole

22.50K

Shared

0.00

None

0.00

FAZE HOLDINGS INC

SOLE

*W EXP 03/01/202

Shares65K

TypeSH

Market value$1.0K

<0.01%

Sole

65K

Shared

0.00

None

0.00

LUMIRADX LTD

SOLE

*W EXP 09/28/202

Shares27.50K

TypeSH

Market value$993.00

<0.01%

Sole

27.50K

Shared

0.00

None

0.00

EDIFY ACQUISITION CORP

SOLE

*W EXP 11/25/202

Shares15K

TypeSH

Market value$350.00

<0.01%

Sole

15K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
ISHARES TR RUSSELL 2000 ETFSOLE	UNIT	68.50K	SH	$12.11M 38.74%	0.00	68.50K
NCL CORP LTDSOLE	NOTE 5.375% 8/0	4M	PRN	$4.65M 14.88%	4M	0.00
ISHARES TR 7-10 YR TRSY BDSOLE	UNIT	46.17K	SH	$4.23M 13.53%	46.17K	0.00
NINE ENERGY SERVICE INCSOLE	DEBT 13.000%10/2 ADDED	2M	PRN	$1.85M 5.93%	2M	0.00
CINEMARK HLDGS INCSOLE	COM	100K	SH	$1.83M 5.87%	100K	0.00
PERMIAN RESOURCES CORPSOLE	CLASS A COM	100K	SH	$1.40M 4.47%	100K	0.00
DELTA AIR LINES INC DELSOLE	COM NEW	30K	SH	$1.11M 3.55%	30K	0.00
CALIFORNIA RES CORPSOLE	COM STOCK	18.97K	SH	$1.06M 3.40%	18.97K	0.00
NOBLE CORP PLCSOLE	ORD SHS A	16K	SH	$810.4K 2.59%	16K	0.00
CARROLS RESTAURANT GROUP INCSOLE	COM	75K	SH	$494.3K 1.58%	75K	0.00
GOOD TIMES RESTAURANTS INCSOLE	COM NEW	146.92K	SH	$437.8K 1.40%	146.92K	0.00
PRO-DEX INC COLOSOLE	COM NEW	20.42K	SH	$320.6K 1.03%	20.42K	0.00
SURF AIR MOBILITY INCSOLE	COM ADDED	150K	SH	$244.5K 0.78%	150K	0.00
BAUSCH PLUS LOMB CORPSOLE	COMMON SHARES	12.20K	SH	$206.8K 0.66%	12.20K	0.00
NOBLE CORP PLCSOLE	*W EXP 02/04/202	6.23K	SH	$200.8K 0.64%	6.23K	0.00
NOBLE CORP PLCSOLE	*W EXP 02/04/202	6.23K	SH	$174.4K 0.56%	6.23K	0.00
TH INTERNATIONAL LIMITEDSOLE	ORDINARY SHARES	26.21K	SH	$47.4K 0.15%	26.21K	0.00
CIPHER MINING INCSOLE	*W EXP 10/22/202	100K	SH	$42.8K 0.14%	100K	0.00
VERTICAL AEROSPACE LTDSOLE	*W EXP 09/15/202	164.10K	SH	$15.9K 0.05%	164.10K	0.00
CHURCHILL CAPITAL CORP VISOLE	*W EXP 02/17/202	40K	SH	$6.4K 0.02%	40K	0.00
ECARX HOLDINGS INCSOLE	*W EXP 12/20/202	75K	SH	$3.0K <0.01%	75K	0.00
ALTENERGY ACQUISITION CORPSOLE	*W EXP 10/29/202	22.50K	SH	$1.7K <0.01%	22.50K	0.00
FAZE HOLDINGS INCSOLE	*W EXP 03/01/202	65K	SH	$1.0K <0.01%	65K	0.00
LUMIRADX LTDSOLE	*W EXP 09/28/202	27.50K	SH	$993.00 <0.01%	27.50K	0.00
EDIFY ACQUISITION CORPSOLE	*W EXP 11/25/202	15K	SH	$350.00 <0.01%	15K	0.00